New Zealand’s central bank is expected to spend the coming months in public consultation on issues ranging from stablecoins to central bank digital currencies (CBDCs).
the roadmap was detailed in a statement on Wednesday and builds on previous work in the area of ââfuture approaches to payments in New Zealand.
Reserve Bank of New Zealand deputy governor Christian Hawkesby said in a statement:
“We will examine not only what we should be doing as a steward, but what a resilient and stable monetary and monetary system might look like in New Zealand, and how we might better respond to digital innovations in money and money. payments. “
âThe first consultation will introduce and solicit comments on general concepts of money and cash management, and introduce specific topics to be covered in the rest of the series,â he continued. “Subsequent articles will examine the potential for a central bank digital currency (CBDC) to work with cash as government guaranteed money, the issues arising from new forms of electronic money, including crypto assets ( such as BitCoin) and stablecoins (as offered by a consortium led by Facebook) and how the payment system may need to change to continue to meet user needs. â
A CBDC, according to Hawkesby, “is something we want to explore for New Zealand.”
That New Zealand is conducting research in this area is perhaps not surprising, given the growing number of CBDC trials among central banks and financial institutions around the world.
At the end of last month, the Bank for International Settlements decided to encourage testing of the CBDC, noting in a report that national digital currencies can exist alongside cash and private money like coins. stable.